American Finance for the 21st Century

The book explores the evolution of the American financial landscape over the past thirty years, highlighting the shift from a heavily regulated environment to one characterized by numerous investment and borrowing options. It discusses the transition from cash transactions to digital payments and the global, high-tech nature of modern finance. Originally a report to Congress, it proposes a policy framework based on three key principles: enhancing competition, managing failures in a competitive market, and favoring targeted interventions over broad regulations.